SilverBox Engaged Merger I set a Feb. 3 meeting for shareholders to vote on the proposed merger with Black Rifle Coffee Company in a deal that values the combined business at $1.7 billion.
The SEC has declared the registration statement on the deal effective, the SPAC added.
If shareholders approve the deal, upon closing the combined company is expected to list on the New York Stock Exchange with Class A common stock trading under the new ticker symbol BRCC.
The business combination would place up to $225 million in cash on Black Rifle Coffee’s balance sheet.
Both companies said in November that closing is a certainty. The transaction features $300 million in common equity commitments from a group of investors led by a $100 million commitment from Engaged Capital, that will satisfy the minimum cash condition. These commitments include a unique backstop feature in which the investors have provided flexibility in the total amount of capital to be funded, with the actual amount funded at closing between $200 million and $300 million. Read more.
